Loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 January 2013
Dear sir,
May I borrow loan in cash? & what is the limit during the year for loan in cash?
May I borrow loan in cash? & what is the limit during the year for loan in cash?
Amol S Joglekar
(Expert)
03 January 2013
As far as possible, avoid CASH loan. 20,000 should be the limit.
Sulabh Jain
(Expert)
03 January 2013
Section 269SS provides that any loan or deposit shall not be taken or accepted from any other person otherwise than by an account payee cheque or account payee bank draft if, the aggregate amount of such loan and deposit exceeds Rs. twenty thousand rupees.
Thus it is clear that no person can accept any loan or deposit of more than Rs 20000 in cash in a financial year.
Thus it is clear that no person can accept any loan or deposit of more than Rs 20000 in cash in a financial year.
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